IMPACT THEME: Housing & Homelessness; Health, Wellbeing & Social Care

WHAT THEY DO: Real Lettings is a social enterprise run by homelessness charity St Mungo’s in partnership with us. Three property investment funds have been created with the same social purpose: to help people at risk of homelessness to become more independent, linking stable housing to positive development in other parts of their lives.

The three funds are:

Real Lettings Property Fund (RLPF1) – Launched in 2013, London-focused, and the pioneer fund for this initiative. It is now fully invested and in its eighth year of operations in 2019/20.

National Homelessness Property Fund (NHPF) – Launched in late 2015 to take the initiative to other cities around the UK, it operates in Bristol, Milton Keynes and Oxford. It is now fully invested and in its sixth full year of operations.

Real Lettings Property Fund2 (RLPF2) – Launched in early 2017, in order to continue the initiative in London. It is now fully invested and in its fourth full year of operations.

YEAR FOUNDED: 2005

INVESTMENT AMOUNT: £198.5m

INVESTMENT SOURCE: Real Lettings Property Fund 1 & 2; National Homelessness Property Fund

INVESTMENT PURPOSE: Acquisition of 1 and 2 bed properties, to house homeless individuals and families

QUOTE: Susan Fallis, Director of Real Lettings, said: “Reaching this level of investment shows that the Real Lettings Property Fund model of social investment works. Since the funds started we have been able to help more people escape homelessness by providing a secure tenancy and support from our social lettings agency. As a result, a significant number of families have been prevented from spending long periods of time in unsuitable temporary or bed and breakfast accommodation or having to move outside London away from their support networks.”

DEAL STRUCTURE: 7 year secured loan from the Resonance Property Funds (6% total cost p.a.)

In our film below, Matt talks about how he became homeless and, once provided with his own home, the difference this stability has made to his life.

These three pioneering impact investment funds have raised £198.5m in capital and are proving that this model can deliver both financial returns and focused social impact in homelessness, across the UK.

The funds sourced one and two bedroom properties, refurbished them and lets them to homelessness charity St Mungo’s Broadway via its Real Lettings team. Real Lettings lets properties at affordable rates to families and individuals who are homeless or in danger of becoming homeless, and who would otherwise struggle to access the private rented sector.

Since 2013 and across our five homelessness property funds capital raised was £243m as of March 2022. This has enabled the funds to purchase 935 properties so far, and in the last year, house 2,091 people, including 1,009 children.

To date and across all our property funds over 1,000 homes have been purchased, housing around 3,000 people across the UK, who were living in temporary, emergency and often inappropriate housing, rough sleeping or facing homelessness.

Meanwhile, our homelessness property funds - primarily through National Homelessness Property Fund 2 - continue to buy and refurbish properties, and house and support individuals and families in the right homes for them, in London, Milton Keynes, Oxford, Bristol, Greater Manchester and Liverpool City Region, providing them with security and stability.

READ OUR LATEST SOCIAL impact report